TENET WELCOMES FCA’S COMMITMENT TO REVIEW LONG STOP
31 March 2014
Tenet welcomes the FCA’s commitment to review the case for a long stop on liability for financial advice in its business plan for 2014-15 published today. The FCA stated:
“We will consult on prudential requirements for personal investment firms. We will consider the case for a 15-year time limit on complaints to the Financial Ombudsman Service to review whether the current arrangements are delivering the best outcomes for consumers overall.”
Helen Turner, group distribution and development director comments:
“Tenet is delighted that the regulator has committed to considering the case for a time limit on complaints in its latest business plan. Uncapped liability for advisers is a serious issue for our industry and it’s time this was addressed. We have been working alongside Zurich and our trade body APFA to maintain both awareness and pressure in the run up to the publication of the FCA’s business plan and now need to convince the regulator that this is in the best interests for advisers and consumers in promoting a healthy and sustainable future. Our ‘fair liability for financial advice’ e-petition has attracted almost 5,000 signatures since July last year, proving that this is an issue close to advisers’ hearts.”
Ends
For further information, please contact:
Emma Bull
PR manager
Tel: 0113 239 5342
E-mail: emma.bull@tenetgroup.co.uk
David Booth OR Helen Turner
PR executive distribution & development director
Tel: 0113 239 5342 Tel: 0113 239 0011
E-mail: david.booth@tenetgroup.co.uk E-mail: Helen.turner@tenetgroup.co.uk
Note to editors:
Tenet Group, the Leeds-based adviser support group is one of the largest and longest established in the UK, supporting thousands of advisers across four key support propositions. Post-RDR, it aims to support advisers in the most appropriate way to suit their business model - offering an investment network, TenetConnect, a non-investment network, TenetLime, a support service provider, TenetSelect and a small national, Aspire Financial Advisers. Ranked as one of the top ten UK adviser support groups based on turnover, Tenet holds over £28m of net assets and has no external debt.
Website:
http://www.tenetgroup.co.uk
